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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.5x - 29.3x | 27.9x |
| Selected Fwd EBIT Multiple | 15.1x - 16.7x | 15.9x |
| Fair Value | $0.62 - $0.69 | $0.65 |
| Upside | -1.4% - 8.8% | 3.7% |
| Benchmarks | Ticker | Full Ticker |
| Haad Thip Public Company Limited | HTC | SET:HTC |
| Thai Beverage Public Company Limited | THAIBEV19 | SET:THAIBEV19 |
| Carabao Group Public Company Limited | CBG | SET:CBG |
| Molson Coors Beverage Company | TAP.A | NYSE:TAP.A |
| Distilleries Company of Sri Lanka PLC | DIST.N0000 | COSE:DIST.N0000 |
| Osotspa Public Company Limited | OSOP.F | OTCPK:OSOP.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HTC | THAIBEV19 | CBG | TAP.A | DIST.N0000 | OSOP.F | ||
| SET:HTC | SET:THAIBEV19 | SET:CBG | NYSE:TAP.A | COSE:DIST.N0000 | OTCPK:OSOP.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.9% | 6.2% | 2.5% | 3.8% | 22.9% | -10.3% | |
| 3Y CAGR | 6.1% | 8.3% | 1.8% | 5.4% | 28.5% | -15.9% | |
| Latest Twelve Months | 4.3% | -3.5% | 24.5% | -9.0% | 19.9% | -18.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.8% | 13.5% | 18.7% | 14.0% | 45.7% | 10.3% | |
| Prior Fiscal Year | 9.6% | 12.4% | 13.5% | 13.7% | 49.4% | 8.9% | |
| Latest Fiscal Year | 9.3% | 12.8% | 18.1% | 15.6% | 52.5% | 7.3% | |
| Latest Twelve Months | 9.4% | 12.5% | 18.7% | 15.2% | 52.5% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 1.44x | 2.76x | 1.44x | 3.85x | 2.02x | |
| EV / LTM EBITDA | 6.7x | 9.7x | 12.6x | 6.8x | 7.1x | 15.2x | |
| EV / LTM EBIT | 9.4x | 11.5x | 14.7x | 9.5x | 7.3x | 24.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.3x | 9.5x | 14.7x | ||||
| Historical EV / LTM EBIT | 27.7x | 32.0x | 34.4x | ||||
| Selected EV / LTM EBIT | 26.5x | 27.9x | 29.3x | ||||
| (x) LTM EBIT | 2,192 | 2,192 | 2,192 | ||||
| (=) Implied Enterprise Value | 58,162 | 61,223 | 64,284 | ||||
| (-) Non-shareholder Claims * | 1,525 | 1,525 | 1,525 | ||||
| (=) Equity Value | 59,686 | 62,747 | 65,809 | ||||
| (/) Shares Outstanding | 3,003.8 | 3,003.8 | 3,003.8 | ||||
| Implied Value Range | 19.87 | 20.89 | 21.91 | ||||
| FX Rate: THB/USD | 32.3 | 32.3 | 32.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.61 | 0.65 | 0.68 | 0.63 | |||
| Upside / (Downside) | -2.6% | 2.4% | 7.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HTC | THAIBEV19 | CBG | TAP.A | DIST.N0000 | OSOP.F | |
| Enterprise Value | 7,147 | 498,466 | 56,872 | 16,447 | 200,634 | 59,751 | |
| (+) Cash & Short Term Investments | 93 | 51,351 | 1,392 | 614 | 3,959 | 2,543 | |
| (+) Investments & Other | 13 | 75,330 | 124 | 317 | 4,265 | 733 | |
| (-) Debt | (1,144) | (244,902) | (2,403) | (6,539) | (922) | (1,387) | |
| (-) Other Liabilities | (0) | (78,679) | 17 | (356) | (17) | (364) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,109 | 301,566 | 56,000 | 10,483 | 207,920 | 61,276 | |
| (/) Shares Outstanding | 401.9 | 25,130.5 | 1,000.0 | 197.7 | 4,600.0 | 3,003.8 | |
| Implied Stock Price | 15.20 | 12.00 | 56.00 | 53.02 | 45.20 | 20.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.31 | |
| Implied Stock Price (Trading Cur) | 15.20 | 12.00 | 56.00 | 53.02 | 45.20 | 0.63 | |
| Trading Currency | THB | THB | THB | USD | LKR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.31 | |